Part 64 — INCLUSIONARY FEE FUND

There is hereby created and established the "Inclusionary Fee Fund." This Fund incorporates two separate sources of funds, including: (a) amounts deposited into the account designated as the City of San José affordable housing fee fund in Chapter 5.08 of Title 5 (the "Inclusionary Housing Ordinance"), and the proceeds derived from those amounts, and (b) amounts collected in connection with the City of San José Policy on Implementation of the Inclusionary Housing Requirement of Health & Safety Code Section 33413(b)(2) (the "Inclusionary Policy") and the proceeds derived from those amounts, all previously held in the Multi-Source Housing Fund under Part 57 of this Chapter 4.80.

(Ord. 30277.)

A.

There shall be deposited in this Fund monies received by the City as allowed or required by the Inclusionary Housing Ordinance, together with moneys which constitute repayments of loans made for the affordable housing purposes consistent with the Inclusionary Housing Ordinance, interest accrued on loans made, and any other interest earned on moneys which may be used for the purpose set forth in the Inclusionary Housing Ordinance; and

B.

There shall be deposited in this Fund monies received by the City as allowed or required by the Inclusionary Housing Policy, together with moneys which constitute repayments of loans made for the affordable housing purposes consistent with the Inclusionary Housing Policy, interest accrued on loans made, and any other interest earned on moneys which may be used for the purpose set forth in the Inclusionary Housing Policy.

(Ord. 30277.)

Monies in the Inclusionary Fee Fund shall be expended in accordance with the purposes of the applicable sources, the Inclusionary Housing Policy or the Inclusionary Housing Ordinance.

(Ord. 30277.)

Interest which accrues from monies in Inclusionary Fee Fund shall be credited to this Fund.

(Ord. 30277.)